Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

I have some quick questions, the first of which relates to the quarterly statement and inflation. What additional measures do our guests believe would work to bring down the rate of inflation? There are pressures in a number of areas, including energy, food and education, impacting children and families. There is a danger that a Government which is spending is only contributing to inflation. Are there specific instruments that can bring down inflation?

The ESRI survey is very interesting. I would like if it had factored in the fact that from 2008 to 2013, no houses were built. That is one of the key elements as to why there is a lag. As a country, we have always had a tradition of encouraging homeownership. There certainly appear to be many benefits to people owning their own homes. While they are in their working life, they can contribute to a mortgage and when they come to retirement, they typically will no longer have a mortgage because banks and financial institutions will not extend mortgages beyond the age of 65. I was around in 2007 and the period around it when banks were giving out mortgages to people in their early 70s. It was madness, to be honest. We forget about that.

Our guests are zoning in on the cohort between the ages of 25 and 34. What is the general rate of ownership? The older age groups are aged between 45 and 54 and 55 and 64. I can see it was the group that was the lost generation in terms of house purchasing. There were no houses being built. They were not able to get on the property ladder and many people in those groups are still not on the property ladder. Is there a policy instrument to get those people onto the property ladder? Our guests are saying that the 25 to 34-year-old group may only have 50% homeownership. That brings a considerable element of risk for the individuals concerned. I do not want what I say next to come across the wrong way. I am a great believer in people being able to own their own homes. I believe in the affordable housing and Part V models. It is about finding a balance. Will our guests tell me what instruments are required? Do they agree that there was a lag in the period after 2007? The period between 2004 and 2007 was mad. That was particularly true in 2006, when things were crazy. People were buying houses they could not afford. Banks were lashing out money. We forget. It is quite amazing how people forget but I was there and saw it at first hand.

What instruments can help to bring down inflation in the core areas in which it exists? The report is good. It touches on food and energy. I did not see a reference to childcare costs but I am sure there is one. It also touches on education. In the context of the ESRI survey on homeownership, what can be done that is not being done to get that 25 to 34-year-old group on the property ladder?